Indian Economy-News & Updates

[MandarK]

Ratan Tata says no to retirement package from Tata Steel - The Economic Times

MUMBAI: A handsome retirement package would be a welcome gift to most, but Tata group Chairman Ratan Tata turned down such a suggestion from a Tata Steel shareholder saying the company has "taken good care" of him.

"I am comfortable, company has taken good care of me," he said at the annual general meeting (AGM) of Tata Steel here today.

He was responding to a shareholder's request to the management to give Tata a "handsome retirement package".

This was Tata's last AGM as Chairman of Tata Steel -- a company where he had started his career half a century ago in 1962.

After steering the company for 21 years, Tata will pass on the leadership baton to his successor designate and present Deputy Chairman of Tata Sons, Cyrus Mistry in December, when Tata turns 75.

Seeking support for Mistry, Tata said, "He has the ethics and values to steer the Group. I hope he will receive the same support from shareholders as I have received all these years."




$87 billion target for country's IT exports in 2012-13: Sachin Pilot - The Economic Times

NEW DELHI: India has set a target of achieving $ 87 billion from IT exports in 2012-13, Minister of State for Communications and IT Sachin Pilot has said in Parliament.

"The estimated revenue generated through IT exports during the year 2011-2012 is $ 77.9 billion. The projected target set for IT exports during the current financial year is $ 87 billion," Pilot said in the Lok Sabha on August 8.

He said in order to provide incentives to IT sector, the government has notified a policy to provide preference to domestically manufactured electronic products and a modified special incentive package scheme to attract investments in electronics systems design and manufacturing (ESDM) industries.

"Electronics manufacturing clusters scheme to provide world-class infrastructure for attracting investments in the ESDM Sector has been approved by the government," Pilot said.

Pilot said the government has also constituted an Empowered Committee (EC) for identifying technology and investors for setting up semiconductor fabrication facilities in the country.

 

[cloud_9]

FDI in single brand retail: 63 foreign proposals approved, says K V Thomas

NEW DELHI: The government has approved 63 proposals of foreign companies, including Louis Vuitton and Marks and Spencer, for retailing in single brand in the country so far.

Various foreign brands are functioning in the retail market for the past few years, Consumer Affairs Minister K V Thomas said in a written reply to the Lok Sabha.

The single brand labels which plan to strengthen include Dolce and Gabbana, Christian Dior Couture, Marks and Spencer, Louis Vuitton and Hermes International have been approved under the single-brand retail trade.

In January this year, India hiked the foreign direct investment (FDI) cap in single-brand retail to 100 per cent from 51 per cent.

"In single-brand product retailing, foreign investment up to 100 per cent is permitted with prior government approval and subject to specified conditions," Thomas said.

Yesterday, the government had also said it had received six proposals from foreign brands like Tommy Hilfiger, Promod and Damiani, for single-brand retail trading with up to 51 per cent foreign equity participation.

Besides, the two proposals - Pavers England and IKEA Group - had been received for 100 per cent FDI in single-brand retail, Commerce and Industry Minister Anand Sharma had said. No decision had been taken on these proposals, he had added.

"... six proposals (from Fapa Company, Samoa; Promod SAS, France; Tommy Hilfiger, The Netherlands; NA Pali Europe SARL; Brooks Brother Group, USA and Damiani International, The Netherlands), have been received for single-brand retail trading with up to 51 per cent foreign equity participation," he said.

Export of Handicrafts

 

[westtowel]

 

[cirr]

India would be very lucky to achieve year-on-year growth of 4.5% in the 2nd quarter FY 2012-2013.

 

[IndoCarib]

India inflation cools

Mumbai: India’s inflation rate reached a 32- month low in July, signalling that the nation’s weakest economic growth in almost a decade is starting to contain prices.

The wholesale-price index rose 6.87 per cent from a year earlier, less than all estimates in a Bloomberg News survey of 29 economists with a median prediction of 7.2 per cent, a Commerce Ministry statement showed on Tuesday. Central bank Governor Duvvuri Subbarao said on Monday that India had been “somewhat of an outlier” because slower growth had yet to damp inflation.


India inflation cools | GulfNews.com

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India’s Sahara goes to Beverly Hills

Aim for the Hollywood sign, and then head about 9 miles southeast.

India’s Sahara Group is in the initial stages of talks to buy a majority stake in the Beverly Hilton Hotel. While he would not confirm the exact details, the Economic Times reported on Wednesday that the company was in talks to pay around $340m for a 55 per cent stake from US-based Oasis West Realty.

The hotel – whose ballroom holds the Golden Globe Awards each year – won’t be Sahara’s first foray into iconic luxury hotels. Earlier this year it bought a controlling stake in New York’s famed Plaza Hotel for $570m; the company also bought London’s Grosvenor House Hotel for $726m in 2010.

India’s Sahara goes to Beverly Hills | beyondbrics

 

[debashish_j20]

Breaking News!

Half of India plunged into darkness

31/7/2012

For the second time in two days, half of India plunged into darkness after the Northern and the Eastern Grids collapsed, affecting all seven states in the north and the states of Sikkim, Assam, West Bengal, Bihar, Orissa and Jharkhand in the east.


Northern, Eastern grid collapse, Delhi Metro services shut: Top 10 developments | NDTV.com


SHAME ON INDIA GOVERNMENT

shows the credibility of source showing the state chhattisgarh as jharkhand.......

shame on you...

 

[anarchy 99]

India would be very lucky to achieve year-on-year growth of 4.5% in the 2nd quarter FY 2012-2013.

Indian economy is in contraction, don't believe their numbers. All made up. Their industrial production is falling, inflation is sky high, interest rates sky high. And they expect the world to believe they are still growing?

Indian currency has collapsed over 20% in the past 12 months, the only reason it hasn't collapsed more is because they have been burning through their reserves to prop up the rupee.
I would say based on their currency collapse the Indian economy is contracting around 2-3%.

 

[gslv mk3]

Indian economy is in contraction, don't believe their numbers. All made up. Their industrial production is falling, inflation is sky high, interest rates sky high. And they expect the world to believe they are still growing?

Indian currency has collapsed over 20% in the past 12 months, the only reason it hasn't collapsed more is because they have been burning through their reserves to prop up the rupee.
I would say based on their currency collapse the Indian economy is contracting around 2-3%.

hard earned 50 cents

 

[cirr]

Indian economy is in contraction, don't believe their numbers. All made up. Their industrial production is falling, inflation is sky high, interest rates sky high. And they expect the world to believe they are still growing?

Indian currency has collapsed over 20% in the past 12 months, the only reason it hasn't collapsed more is because they have been burning through their reserves to prop up the rupee.
I would say based on their currency collapse the Indian economy is contracting around 2-3%.

Come on， at least Indian population is still growing， which has been taken， by odd logic，to be THE reason why the future is orange for India。In the eyes of many Indians，their country will become a superpower simply because it has the world's highest fertility rate。

 

[Boson]

Come on， at least Indian population is still growing， which has been taken， by odd logic，to be THE reason why the future is orange for India。In the eyes of many Indians，their country will become a superpower simply because it has the world's highest fertility rate。

another 50 cents

 

[Zeeshan360]

Earned 1 dollar total

 

[kkacer]

Indian economy is in contraction, don't believe their numbers. All made up. Their industrial production is falling, inflation is sky high, interest rates sky high. And they expect the world to believe they are still growing?

Indian currency has collapsed over 20% in the past 12 months, the only reason it hasn't collapsed more is because they have been burning through their reserves to prop up the rupee.

I would say based on their currency collapse the Indian economy is contracting around 2-3%.

India is a big mouth and joke country

 

[prabhakar]

India is a big mouth and joke country

you will get the bonus for that

 

[anarchy 99]

India is a big mouth and joke country

very true. Indian economy is a laughing stock.

The dropee has collapsed 20% which means the global investors have lost confidence in the Indian economy. Its debts are skyrocketing, inflation is very high, growth is actually contracting.
India was never on a sustainble growth model where you go into debt every year, eventually you run out of rope and investors lose faith in your currency.

India makes greece look solvent.

 

[Icecreamcart]

Just a graph I found which is very interesting.

This spike in inefficiency following the economic reforms...